Moving forward, here’s a few ways to help a borrower short on cash:

1)      ♥  When they buy, they will skip a month’s payment, keeping cash in pocket.  For example, close in June and first payment won’t be due until August.

2)     ♥   If they are a first-timer, they will be able to write off mortgage interest on their taxes (big write-off, consult your CPA).  They should be able to raise their payroll exemptions and have less taxes taken out of paycheck, putting more in their pocket right now.

3)     ♥  $8000 tax credit for most will mean no (or smaller) tax bill next April.  Read number two about raising exemptions and getting a few hundred/month benefit right now.

 4)      ♥  Gifts from mom & dad.  Many parents or relatives will help a family member get into a home.  And, there are ways to work it out to keep everyone involved in the deal happy.  Call me for details and ideas.